President Yoweri Kaguta Museveni has launched Tamini General Insurance, marking the entry of Uganda’s first Sharia-compliant insurance provider.
The launch took place at Millennium Park in Lugogo during an Iftar dinner organised by the Senior Presidential Advisor on Political Affairs and Head of the NRM National Chairman’s Office, Hajjat Hadijah Namyalo.
Tamini General Insurance operates under Salaam Group and offers Islamic insurance services structured on joint guarantees between insurers and clients.
“Salaam Bank and Tamini, you are welcome to Uganda. Uganda is a growing market with over 45 million people. The population will reach 100 million by 2050. You are in Uganda at the right time,” President Museveni said.
He urged the Muslim community to channel resources into productive ventures rather than consumptive spending.
The President said insurance plays a critical role in safeguarding investments.
“Insurance is about preparing so that in case anything goes wrong, you have backup. When you borrow, you invest but what if things do not go as planned? I thank Tamini Insurance for completing the cycle,” he said.
He reiterated government support for interest-free wealth creation initiatives such as the Parish Development Model (PDM). He explained that the six percent annual charge under PDM is meant to control inflation and sustain the fund.
“We should work to eliminate poverty by getting everyone out of poverty. PDM will help to ensure the remaining 30 percent of Ugandans also gets out of poverty,” he said.
President Museveni directed PDM committees to adopt a matrilineal approach in selecting beneficiaries. He said the model would ensure inclusion of women-led and polygamous families that might otherwise miss out under a patrilineal system.
He pledged to increase support for Muslim women’s economic groups from Shs2 billion to Shs20 billion.
Tamini Group Chief Executive Officer, Mohamed Bahdon, said the company will operate on three pillars: ethical investment, transparent oversight and collective participation.
“A farmer who accesses Halal financing from Salaam Bank to grow his crop can now insure that crop through Tamini,” Bahdon said. “This will result in Uganda’s economic transformation from a consuming nation into a producing nation.”
The Chief Executive Officer of the Insurance Regulatory Authority of Uganda, Alhaji Ibrahim Kaddunabbi Lubega, said Uganda’s insurance sector has grown to over Shs2 trillion. He projected further expansion following the introduction of Sharia-based insurance products.
He noted that the global Islamic insurance market is valued at USD 36.6 billion and is projected to exceed USD 75 billion by 2033.
Hajjat Namyalo said Tamini will focus on the informal sector, including market vendors and communities in disaster-prone areas.
Sheikh Muhammad Yunus Kamoga thanked the President for promoting unity among Muslims and supporting the establishment of Muslim education and financial institutions. He also appealed for pardon for two Muslims currently under detention.
The launch signals Uganda’s push to diversify its financial services sector while promoting inclusive economic participation aligned to Vision 2040.
